ACV Auctions’ (ACVA) “Market Outperform” Rating Reiterated at JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of ACV Auctions (NASDAQ:ACVA) in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has a $19.00 target price on the stock.

A number of other brokerages also recently issued reports on ACVA. Northcoast Research raised ACV Auctions from a neutral rating to a buy rating and set a $22.00 price target for the company in a report on Wednesday, January 10th. Needham & Company LLC restated a buy rating and set a $23.00 target price on shares of ACV Auctions in a research note on Thursday, February 22nd. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $20.21.

ACV Auctions Stock Up 0.1 %

Shares of ACV Auctions stock opened at $17.31 on Wednesday. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. ACV Auctions has a 52-week low of $11.58 and a 52-week high of $19.54. The company has a market capitalization of $2.84 billion, a P/E ratio of -37.63 and a beta of 1.57. The company has a 50 day moving average of $17.39 and a 200 day moving average of $15.45.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings data on Wednesday, February 21st. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. The business had revenue of $118.38 million for the quarter, compared to analyst estimates of $117.62 million. ACV Auctions had a negative net margin of 15.64% and a negative return on equity of 13.97%. As a group, research analysts forecast that ACV Auctions will post -0.29 EPS for the current fiscal year.

Insider Buying and Selling at ACV Auctions

In other news, insider Craig Eric Anderson sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $18.00, for a total transaction of $90,000.00. Following the transaction, the insider now directly owns 202,797 shares in the company, valued at $3,650,346. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Michael Waterman sold 10,130 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $18.47, for a total value of $187,101.10. Following the transaction, the insider now owns 234,234 shares in the company, valued at approximately $4,326,301.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Craig Eric Anderson sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $18.00, for a total value of $90,000.00. Following the sale, the insider now directly owns 202,797 shares of the company’s stock, valued at $3,650,346. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,507,708 shares of company stock worth $27,126,374. 13.67% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of ACV Auctions by 8.6% during the third quarter. Vanguard Group Inc. now owns 12,809,266 shares of the company’s stock worth $194,445,000 after purchasing an additional 1,010,941 shares during the period. Loomis Sayles & Co. L P acquired a new position in ACV Auctions in the 3rd quarter valued at $32,611,000. Deepwater Asset Management LLC raised its position in ACV Auctions by 20.1% during the 4th quarter. Deepwater Asset Management LLC now owns 851,819 shares of the company’s stock worth $12,905,000 after buying an additional 142,296 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of ACV Auctions by 8.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,705,720 shares of the company’s stock worth $25,893,000 after acquiring an additional 134,587 shares during the period. Finally, William Blair Investment Management LLC boosted its holdings in shares of ACV Auctions by 8.7% in the third quarter. William Blair Investment Management LLC now owns 4,369,867 shares of the company’s stock valued at $66,335,000 after acquiring an additional 350,865 shares in the last quarter. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

ACV Auctions Company Profile

ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. The company's marketplace platform includes digital marketplace, which connects buyers and sellers by providing online auction, which facilitates real-time transactions of wholesale vehicles; Run List for pre-filtering and pre-screening of vehicles up to 24 hours prior to an auction taking place; ACV transportation service to enable the buyers to see real-time transportation quotes and status reports of the vehicle; ACV capital, a short-term inventory financing services for buyers to purchase vehicles; and Go Green's seller assurance service for against claims related to defects in the vehicle.